Dick’s Sporting Goods Ditching 20% of Its Vendors quoting : Patch

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Still, Dick’s shares plummeted 9% as investors were unnerved by the company’s disappointing first-quarter earnings forecast and fears market share gains would abate. Dick’s Sporting Goods ( dks ) will dump about 20% of its vendors and stock more of its own brands as it looks to fortify itself against the market forces that killed its defunct rivals like The Sports Authority . Dick’s has taken a $46 million write down for the inventory “that does not fit within its new merchandising strategy.” In the current quarter, the company expects adjusted earnings of 50 cents to 55 cents a share, well below Wall Street analysts’ projections for 61 cents. In all holiday season quarter, Dick’s had a profit of $90.2 million, or 81 cents a share, down 30% from $129 million, or $1.13, a year earlier.

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Dick’s Sporting Goods Opening New Peninsula-Area Location

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Full details on the grand opening celebration, including giveaways, promotions, special guests, and a $10 off coupon can be found online at dicks.com/Sunnyvale. Dick’s Sporting Goods plans to open a new store in the South Bay later this month. Grand opening celebrations for the new store in Sunnyvale are scheduled for March 17 through March 19. The store’s address is 125 East El Camino Real, Sunnyvale, in the same location where the former Sports Authority store sat. Image via Dick’s Sporting Goods